MARCH 8 I FENDER I FINANCE
Fender Files for IPO
Fender filed papers on March 8 for a $200 million initial public offering (IPO).
According to the L.A. Times, by filing with the Securities and Exchange Commission, Fender will use the money to help pay down $246.2 million in debt and acquire other companies.
Last year Fender had a net income of $3.2 million, up from a loss of $17.3 million in 2010. Sales were up 13 percent to $700.6 million, from $617.8 million.
Fender will trade shares on the NASDAQ exchange under the ticker symbol "FNDR." The company did not disclose how many shares would be sold or when the stock sale would take place.